The Distributional Effects of Yield Control Monetary Policy: A Helicopter Money Drop to Financial Institutions

Approximately 10 years have passed since the words such as digital cash, digital money, electronic money, and e-cash have been introduced. Progress has increased rapidly in the fields of communication and information technology (IT) and in the field of digital cash; its use and transaction volume have been increasing. However, little analysis has been done about this phenomenon especially from the academic field. The continued increase in its use is inevitable, and it is important to investigate its influence and problems from both practical and theoretical perspectives. The spread of the use of digital cash impacts economic activity and social structure. This article considers both the merits and the problems of digital cash in the modern economy. This article analyzes characteristics of relationships between digital money, financial institutions, and financial authorities; considers the relation between digital cash and financial institutions; and analyzes the relation between digital cash and monetary policy authorities.

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Distributional Effects of Monetary Policy in Emerging Market Economies

10.3386/w21471 ◽

2015 ◽

Cited By ~ 1

Author(s):

Eswar Prasad ◽

Boyang Zhang

Keyword(s):

Monetary Policy ◽

Emerging Market ◽

Emerging Market Economies ◽

Distributional Effects ◽

Market Economies

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The Impact of Unconventional Monetary Policy on Gendered Wealth Inequality

Papeles de Europa ◽

10.5209/pade.63637 ◽

2019 ◽

Vol 31 (2) ◽

pp. 175-186 ◽

Cited By ~ 2

Author(s):

Brigitte Young

Keyword(s):

Monetary Policy ◽

Asset Prices ◽

Household Finance ◽

Wealth Inequality ◽

Unconventional Monetary Policy ◽

Distributional Effects ◽

Monetary Policies ◽

The Rich ◽

The Impact ◽

Central Bankers

Unconventional monetary policy was implemented as a result of the financial crisis and resulted in rising asset prices in the stock markets. While the increase in asset prices is not exclusively triggered by unconventional monetary policy, central bankers accept that unconventional monetary policy has resulted in distributional effects on wealth, and that these are not negligible. What is missing are studies analyzing whether these non-standard monetary policies have different distributional effects on women and men. The intent of the paper is to interrogate whether unconventional monetary policy of central banks has a gender bias that operates in favor of men as gender and against women as gender. Relying on insights from feminist economics, the paper uses the results of the ECB Household Finance and Consumption Survey (HFCS) of 62,000 household across 15 euro-area countries. While the results are tentative, they show an asymmetric distributional gendered impact. Since the rich own more assets than the poor, and since monetary easing works in part by raising asset prices, these unconventional policies may unintentionally benefit the wealthier quintile (on average more male) at the expense of the poorer strata of society (on average more female).

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Monetary policy, asset prices and financial institutions

Money in the Great Recession ◽

10.4337/9781784717834.00020 ◽

2017 ◽

pp. 185-207

Author(s):

Philip Booth

Keyword(s):

Monetary Policy ◽

Financial Institutions ◽

Asset Prices

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Greek recovery will attract institutional investors

Emerald Expert Briefings ◽

10.1108/oxan-db241781 ◽

2019 ◽

Keyword(s):

Monetary Policy ◽

Financial Institutions ◽

Capital Markets ◽

Institutional Investors ◽

Yield Curve ◽

Strict Adherence ◽

Content Type ◽

Investor Confidence ◽

The Way

Significance The new issue’s main purpose was to build up a benchmark yield curve to facilitate the sovereign’s future access to capital markets and, ultimately, pave the way for the broader participation of Greek corporates and financial institutions. Impacts Tightening EU monetary policy and/or adverse developments in EU peripheral economies should push Greek yields and spreads upwards. Investor confidence will hinge on the government’s strict adherence to reform and ability to resolve banks’ non-performing loans. The upcoming elections in Greece may destabilise the issuance schedule.

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Financial Institutions' Business Models and the Global Transmission of Monetary Policy

International Finance Discussion Paper ◽

10.17016/ifdp.2018.1228 ◽

2018 ◽

Vol 2018 (1228) ◽

pp. 1-40

Author(s):

Isabel Argimon ◽

◽

Clemens Bonner ◽

Ricardo Correa ◽

Patty Duijm ◽

...

Keyword(s):

Monetary Policy ◽

Financial Institutions ◽

Business Models ◽

Transmission Of Monetary Policy

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Optimal macroprudential regulation tools

Finance and Credit ◽

10.24891/fc.26.4.774 ◽

2020 ◽

Vol 26 (4) ◽

pp. 774-795

Author(s):

I.R. Ipatyev

Keyword(s):

Monetary Policy ◽

Financial Institutions ◽

Policy Instruments ◽

Financial Policy ◽

Policy Options ◽

Macroprudential Policy ◽

Monetary Policies ◽

Credit Cycles ◽

Systemic Risks ◽

Optimal Set

Subject. This article examines the hypothesis that microprudential and monetary policies are not able to provide measures to prevent excessive lending and guarantee the ability of financial institutions to cope with the growing credit bubble. Objectives. The article examines approaches to identifying viable macroprudential policy options and an optimal set of regulation instruments. Methods. For the study, I used a content analysis and generalization. Results. The article presents some results of the assessment of certain macroprudential requirement instruments. Conclusions. The study shows that some macroprudential policy tools can reduce systemic risks associated with credit cycles. Monetary policy alone is not able to effectively withstand the credit bubble risk. All financial policy instruments must be taken and considered together, as they work closely together.

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